SpaceX Mega-IPO Sends KOSPI, Nasdaq Reeling
SkimNews Take
The IPO's record scale suggests a market increasingly capable of absorbing massive capital inflows, even as other sectors experience macro-level stress.
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- SpaceX proposes $135 per share, valuing it at $1.75 tn.link ›
- Elon Musk holds over 80% of SpaceX shares; at $135 his net worth would exceed $1 tn.link ›
- Oil prices rose >2% on Wednesday, WTI $96.02, Brent $97.81 per barrel.link ›
- SoftBank Group fell >11.04% after selling a 3.25% stake in Lenskart Solutions.link ›
- Anthropic filed IPO paperwork after a $65 bn Series H raise, valuing it at $965 bn post‑money.link ›
- Jerome Powell warned the Fed’s credibility is on the line in his first public remarks since leaving the chair.link ›
As SpaceX's record IPO approaches, aggressive fund rebalancing by global institutions ahead of the listing has triggered sharp declines in the KOSPI and Nasdaq, while Korean retail and institutional money rushes into the offering through sellout subscriptions.
The stories behind this week
Crypto exchange flows show no cash outflowRetail crypto holders retain their positions, avoiding forced liquidation, while delayed reporting by Robinhood and Coinbase keeps market participants in the dark about actual fund movements, potentially affecting short‑term price dynamics.
AI giant Anthropic prepares to sell stock to the public; files preliminary IPO paperwork - NPRInvestors stand to gain from a historic tech IPO, while Anthropic’s founders lock in liquidity; the $65 billion raise fuels further AI development and positions the firm as a direct competitor to OpenAI, reshaping the AI market’s capital distribution.
Asia-Pacific markets slide as oil spikesInvestors see higher energy costs and inflation risk, while Asian exporters and consumers face tighter margins; SoftBank’s stake sale triggers a sharp stock decline, hurting shareholders.
SpaceX says it's worth $1.75tn as it targets largest stock market debutInvestors gain a chance to buy into a $75 bn IPO; Musk’s >80% stake means a $135 price would lift his net worth above $1 tn, intensifying wealth concentration.
AI Bubble Enters Third Phase After Suspicion and ManiaInvestors risk losses from the anticipated correction, while companies behind Claude Code and autonomous agents gain market attention during the mania, driving new funding and valuation shifts.
Quantinuum closes flat in Nasdaq debut, after upsized offeringInvestors gain a $1.68 billion capital infusion, but the 73 % revenue plunge and $136.5 million loss underscore the high‑risk, early‑stage nature of quantum‑computing for customers such as JPMorgan and Amgen.
Stocks Create 2 Million New Millionaires GloballyThe influx of 2 million new millionaires expands the pool of high‑net‑worth consumers, boosting demand for luxury goods and financial services, while widening wealth inequality between the ultra‑rich and average households.
Jerome Powell Warns Fed Credibility at RiskInvestors and borrowers are sensitive to Fed credibility, and loss of confidence raises borrowing costs across the economy for households, especially after Powell's first public remarks since leaving the chair.
Why it matters: Korean retail and institutions have already committed capital via two sellout subscription rounds, but the historical pattern from five mega-IPO cases suggests KOSPI weakness typically reverses within 20 trading days post-listing, averaging 3% gains. Damodaran's 23-29% valuation gap and the 'disappearance of catalyst' already hitting beneficiary stocks (-30% to -37% over one month) add near-term downside risk before any post-listing rotation into semiconductors plays out.
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